X Ltd. wants to issue 1000 shares through a book built offer within a Price Band of ₹130 to ₹150. Bids are received as follows: Bid Price No. of Shares Total Demand 1 ₹150 200 200 2 ₹140 300 500 3 ₹138 500 1000 4 ₹130 10

Regulation 32(2) & 129 (2) of SEBI (ICDR) Regulations, 2018 provides that in book-built offer, where a company does not meet the eligibility criteria regarding net tangible assets, average operating profit, net worth etc., the allocation pattern shall be as follows: Not more than 10% to the retail individual investors. Not more than 15% to non-institutional investors. Not less than 75% to the QIBs of which 5% shall be reserved for mutual funds. However, the unsubscribed portion in either of the categories specified in (a) & (b) may be allocated to applicants in the other category. Further, in addition to 5% allocation available in terms of clause (c), mutual funds shall be eligible for allocation under the balance available for qualified institutional buyers.